Elon Musk’s net worth can be attributed to his innovative business initiatives and his ability to successfully expand his companies on a global scale. SpaceX, Tesla, SolarCity, and The Boring Company are just a few of the remarkable businesses he has conceptualized.
Forbes estimates that Elon Musk’s net worth is about $187 billion, making him one of the world’s wealthiest individuals. His overall worth changes frequently, though, due to the attention-grabbing nature of his commercial operations. However, he is still among the world’s wealthiest people and one of the most well-known billionaires.
How, therefore, did Elon Musk amass such a fortune?
Elon Musk Net Worth
After three months of being passed over, Tesla CEO Elon Musk is once again the wealthiest person on the planet.
Musk was previously at the top of the list of global billionaires in February, but he only stayed there for two days before being dethroned by Bernard Arnault, the CEO of LVMH, the parent company of Louis Vuitton. In December of 2022, they fought twice more for the championship.
Forbes estimates Musk to be worth $220.2 billion as of Thursday’s market closing, $4.2 billion more than Arnault. His comments came after shares of Tesla, the electric car business he founded, have risen for 10 days in a row, the latest up 4.6% to $235. Musk’s wealth is highly volatile as it is directly proportional to the price of Tesla shares.
Despite its fluctuating stock price, Tesla managed to sell over 1.3 million vehicles in 2022. Over the prior year, sales increased by 47%.
According to estimates, Musk lost an estimated $182 billion between November 2021 and January 2022, making his fall from wealth worse than Masayoshi Son’s fall from $58.6 billion in 2000. Son’s loss would be worth $100 billion after accounting for inflation.
According to reports, Musk’s wealth plummeted from $320 billion in 2021 to $137 billion in January 2023.
Elon Musk’s Path to Financial Success
Musk, who was born in South Africa in 1971, came to the United States when he was 17 to get degrees in physics and economics at Stanford University. Soon after, he launched Zip2, an internet directory service for local businesses. Musk became extremely wealthy from this firm rapidly, and in 1999 he sold it to Compaq for almost $300 million.
With these funds, he was able to launch X.com, the precursor to what is now PayPal (PYPL). In 2002, Musk launched SpaceX, and in the same year, eBay (EBAY) bought the online payment service for $1.5 billion.
One of his most successful businesses, electric car manufacturer Tesla (TSLA), was created the following year. Shares of this company are expected to peak at over $400 in November 2021, propelling Musk to the top of worldwide billionaire lists.
Musk is involved with other businesses outside Tesla and SpaceX, such as solar panel installer SolarCity and underground transportation startup The Boring Company.
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Elon Musk Liquidates California Assets
Elon formerly had a California property portfolio worth $100 million. He still owns his 100-year-old, 16,000-square-foot mansion in Hillsborough, Northern California, which is situated on roughly 50 acres of land. In 2017, he paid $23.364 million to purchase this home.
He once owned six properties in the affluent Bel-Air district of Los Angeles. For $17 million in 2012, he purchased a 20,000-square-foot home in Bel-Air; for $20 million in 2015, he purchased a 7,000-square-foot home; and for $24.25 million in 2016, he purchased a 9,300-square-foot home.
In 2020, Elon shocked the world by declaring his intention to liquidate all of his assets, beginning with his residences in Los Angeles. He followed through on his promise and sold off all of the properties. In December of 2020, he made a deal to sell four properties to a single buyer.
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